Palm, Inc. (Nasdaq: PALM) today reported that total revenue in its fourth quarter of fiscal year 2007, ended June 1, was $401.3 million. Smartphone sell-through for the quarter reached a company record high, totaling 750,000 units, up 43 percent year over year. Smartphone revenue was $344.2 million, up 14 percent from the year-ago period.

Net income for the quarter was $15.4 million, or $0.15 per diluted share. Net income included stock-based compensation expense of $5.4 million and amortization of intangible assets of $1.0 million. This compares to net income for the fourth quarter of fiscal year 2006 of $27.2 million, or $0.25 per diluted share.